Insights

China’s wholesale gold demand sees a seasonal rebound in December yet the 2024 total remains weaker than 2023. Meanwhile, gold ETFs experienced unprecedented inflows in 2024. And China’s official gold holdings have increased two months in a row now, ending the year with reported gold purchases of 44t.

In this episode of Unearthed, hosts Joe Cavatoni and John Reade kick off 2025 by discussing key trends likely to shape the gold market amid global uncertainty.

Based on available reported data, central banks bought a net 53t in November. The National Bank of Poland (21t) was the biggest buyer, while the People's Bank of China reported its first addition (5t) since April.

Gold performed exceptionally well in 2024, outperforming all major asset classes. Gold rose 25.5%, which was likely driven by gold’s role as an effective hedge against heightened geopolitical uncertainty and market volatility.

Jewellery demand weakens post-Diwali, while investment demand for gold bars and coins remains strong. Indian gold ETFs maintain strong inflows, adding 14.5t year-to-date.

Joe Cavatoni and John Reade of the World Gold Council review gold's impressive 2024 performance, with a 28% gain through November—the best in over a decade.

In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Jean Martineau, President & CEO, Dynacor Gold Mines Inc. during the LMBA &LPPM 2024 Global Precious Metals Conference, to discuss artisanal and small-scale gold mining and how it fits into the bigger picture of the global gold industry.

Central banks reported 47t of net purchases this month – the highest amount recorded y-t-d. The Central Bank of Turkey led the field, adding 17t of gold to its reserves, followed by India and Poland – 14t and 8t respectively.

In this episode of Unearthed, co-hosts Joe Cavatoni and John Reade, Senior Market Strategists for the World Gold Council, are joined by Professor Hao Zhou from Tsinghua University to dive into the shifting dynamics of China’s economy and its impact on the global gold market.

With gold being a vital component of many of today's electronic devices, we look at the growth of Artificial Intelligence as an important emerging area of demand.

Despite record-high prices Diwali gold demand was healthy, with strong sales driven by investment appeal. Indian gold ETFs continue to attract strong interest from investors, with October seeing the largest inflows on record. The Reserve Bank of India (RBI) has purchased 64t of gold to date this year, making it the second highest annual purchase on record. Uptick in gold imports in October.

In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss the latest gold market trends, reflecting on the U.S. election outcome, monetary policy, and China’s recent economic developments.

The local gold price’s unprecedent surge and amplified equity market volatilities helped Chinese gold ETFs attract their largest monthly inflow eve. China’s wholesale gold demand continued to exhibit seasonal patterns, witnessing a mild fall m/m yet remaining well below the long- term average. The stabilizing gold price, seasonality and positive impact from various stimulus may bode well for gold consumption in coming months.

Delaying our Gold Market Commentary until after the possibly volatility-inducing US election, we instead take stock of some interesting statistics regarding October's and the year-to-date stellar run-up in gold prices.

Central banks reported 40t of net buying in September via the IMF and other public data sources. Demand recovered during the month: monthly gross purchases of 48t were offset by gross sales of 8t.

In Q2’24, dare it be written, All-In Sustaining Costs (AISC) rose again, creeping up by 1% q/q, or a more substantial 6% y/y to US$1,388/oz.

China has recently announced aggressive stimuli to shore up consumer confidence and support growth. Based on our models we believe the potential improvement in GDP will benefit gold demand in China. However, gold investment appetite may face competition from other assets including equities and property as the economy recovers.

The surge in demand from the import duty cut was tempered by fresh record-high prices and an inauspicious period in September according to the Hindu calendar. Domestic gold prices are currently at a slight discount over landed cost1 amid normalising demand. However, signs of festive buying are beginning to emerge. With an addition of 54.7t y-t-d,2  the Reserve Bank of India’s (RBI) gold reserves have grown by 7%. Increased interest in Indian gold ETFs; inflow momentum remains strong. Gold imports see moderation in imports after August surge.

China’s wholesale gold demand rebounded seasonally in September, yet total gold withdrawals y-t-d remain weak compared to previous years. Chinese gold ETFs saw positive flows last month, pushing their y-t-d inflows to the highest ever, outpacing all other countries.

Our survey of more than 3,000 German retail investors confirms that gold is a valued investment with a bright future.